November 17, 2022

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Major League Cricket has been quietly establishing itself in the U.S. — and now it’s ready for its closeup. Front Office Sports analyst Ronen Ainbinder joins senior writer Owen Poindexter on The Newsroom to discuss the rise of cricket in America and what could be coming next. Listen and watch on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

Liberty Media Spins Off Atlanta Braves [[link removed]]

Dale Zanine-USA TODAY Sports

The Atlanta Braves are becoming their own company.

Formula 1 parent company Liberty Media is splitting off the MLB team “through the redemption of Liberty Media’s existing Liberty Braves common stock in exchange for common stock of a newly formed company” called [[link removed]] Atlanta Braves Holdings, Inc.

The entity will hold everything currently under the Braves Group, including the Atlanta Braves and The Battery, its associated development project adjacent to Truist Park.

The split, which still needs several approvals including from MLB, will make Liberty Media and Atlanta Braves Holdings separate publicly traded companies.Liberty Media, which acquired the team in 2007, would redeem each outstanding share of its Liberty Braves common stock for one share of the new company.

Braves Group reported [[link removed]] $252 million in third-quarter revenue earlier this month.

Tracking Change

Liberty Media, which has an 81.2% stake [[link removed].] in SiriusXM, also announced the creation of a third tracking stock group — Liberty Live Group — through the reclassification of Liberty Media’s remaining common stock after the completion of the split-off.

Adding to tracking groups Liberty SiriusXM Group and Formula One Group, Liberty Live Group would include the company’s interest in Live Nation — Liberty owns [[link removed]] 31% of the company — and certain F1 public and private assets, among other things.

Liberty Media president and CEO Greg Maffei said the moves “will provide greater investor choice and enable targeted investment and capital-raising.”

The split-off and reclassification is expected to be completed in the first half of 2023.

Activist Investor Calls to End F1 and Man U Deals [[link removed]]

MUFC

An activist investor has called on a tech company to end its sponsorship deals with two of the most recognizable brands in sports.

Investment firm Petrus Advisers has asked [[link removed]] software giant TeamViewer AG to end its deals with the Premier League’s Manchester United and the Mercedes-AMG Petronas Formula 1 team.

Petrus believes the deals are too expensive and show “appalling judgment.”The firm holds a stake smaller than 3% in TeamViewer.It vowed not to tolerate TeamViewer spending more than $73 million on the deals.

In March 2021, TeamViewer secured a five-year shirt sponsorship deal with Man U, replacing Chevrolet in a pact worth $57 million annually. It was one of the most expensive shirt deals in soccer behind Liverpool’s $59 million-per-year deal [[link removed]] with British bank Standard Chartered.

In August, TeamViewer decided [[link removed]] not to renew its deal with Man U after it expires in 2026, as the company has lost 80% of its market value since the pact after a peak of $10.3 billion in 2020.

TeamViewer is expected to spend “millions” on its five-year deal with Mercedes’ F1 team.

Cutting Crypto

Last week, Mercedes’ F1 team suspended [[link removed]] its multiyear sponsorship deal with FTX after the cryptocurrency exchange — along with over 130 affiliated companies — filed for bankruptcy.

Mercedes joined the Miami Heat and esports organization TSM as sports-related entities who temporarily or permanently severed ties with the controversial crypto exchange.

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Don't Miss the International Capstone Event

See the action. Seize the play [[link removed]].

You won’t want to miss the final three days of action from the VALORANT Game Changers Championship, November 18-20 in Berlin. The world’s eight best teams of women compete in the first-ever championship for VALORANT [[link removed]], Riot Games’ competitive 5v5 character-based tactical first-person shooting game that quickly established itself as the world’s fastest-growing esport since launching in 2020.

The final three days of competition features five best-of-three matchups November 18 and 19, followed by a best-of-five grand final on November 20. Head over to VALORANT Esports [[link removed]] for match times and to watch live!

Sportradar Revenue Jumps 31%, Posts $175M Quarter [[link removed]]

Sportradar

Sportradar continues to grow as sports embrace more technology and data.

The sports data aggregator generated [[link removed]] $175.2 million in revenue in Q3 2022, a 31% increase year-over-year. Net income reached $15 million during the quarter, compared to $6.2 million for the same period last year.

U.S. revenue reached $32.6 million in Q3 2022, a 61% increase year-over-year.Its Rest of World betting segment posted $104 million in revenue, up 28% compared to Q3 2021.

Sportradar went public in September 2021 after raising [[link removed]] more than $670 million in its initial public offering, which valued the company at $7.98 billion.

It previously planned [[link removed]] to go public via a merger with Horizon Acquisition Corp. — a blank-check company backed by Los Angeles Dodgers and Chelsea FC co-owner Todd Boehly.

The merger dissolved after the SEC issued guidance that some investments made by blank-check companies should be classified as an asset or liability, not equity.

Growth Through Diversity

Sportradar has spurred growth through a diverse portfolio of clients.

“Sportradar follows a clear value proposition, so we know where we have to deliver results,” CEO Carsten Koerl told Front Office Sports.

In October, Sportradar secured [[link removed]] a deal with Flutter Entertainment’s FanDuel to supply its sportsbook platform with official NBA data and supplementary betting services through the 2030-31 season. It also extended its original data agreement with FanDuel from 2021.

Earlier this month, Sportradar landed a multiyear deal [[link removed]] with Baseball Australia to broadcast Australian Baseball League games on new livestreaming service OnDemand.

Conversation Starters Front Office Sports caught up with McLaren Racing CEO Zak Brown for an in-depth convo about the rise of F1 in the United States, tension with other teams, his extensive collection of sports memorabilia, and “knowing when to shut your mouth” and listen to your team as a leader. Listen or watch now on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]]. The ATP Tour and ATP Challenger Tour will offer [[link removed]] a record $217.9 million in total prize money at their 2023 events — a $37.5 million increase from the 2022 season. The Pro Volleyball Federation — whose investors include “a prominent NBA family” and former NFL quarterback Trent Dilfer — will hold [[link removed]] its inaugural season in February 2024.

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Ready to beat the odds this NFL season? Sign up [[link removed]] for PointsBet’s Hustle newsletter.

Market Movers

U.S. stocks experienced declines across all three major indexes on Thursday. Here’s a look at how some sports-related stocks performed:

ATVI [[link removed]]

Activision Blizzard Inc

[[link removed]]

$73.75

[[link removed]]

+0.35%

[[link removed]] SBGI [[link removed]]

Sinclair Broadcast Group, Inc.

[[link removed]]

$18.99

[[link removed]]

+0.90%

[[link removed]] LULU [[link removed]]

Lululemon Athletica inc.

[[link removed]]

$353.90

[[link removed]]

+1.11%

[[link removed]] MTN [[link removed]]

Vail Resorts Inc.

[[link removed]]

$237.06

[[link removed]]

+1.27%

[[link removed]] ELY [[link removed]]

Topgolf Callaway Brands Corp

[[link removed]]

$21.04

[[link removed]]

-0.87%

[[link removed]] (Note: All as of market close on 11/17/22) What to Watch

The Tennessee Titans (6-3) face the Green Bay Packers (4-6) on “Thursday Night Football” at Lambeau Field.

How to Watch: 8:15 p.m. ET on Amazon Prime Video

Betting Odds: Packers -3.5 || ML -170 || O/U 41

Pick: Expect the Packers to build on Sunday’s win. Take Green Bay to cover.

Refer Friends, Score a Jersey

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Celebrate with us for a chance to win!

Five lucky winners will receive an authentic official soccer jersey – all you have to do is refer your friends and colleagues to Front Office Sports. Copy and paste your unique link below and share it in an email or on your timeline.

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